Oregon is located on the Pacific Ocean coast. It is blessed with diverse terrain, making it a good tourist destination. Consequently, the state enjoys relatively robust median household income level at $54,148, but it is still lower than national average but this is not the only sad news regarding this state. This also means that the residents generally require loans to bridge the gap between their income and expenses.
The state of Oregon has high poverty rate at 15.4 percent, which again fuels the demand for various loans including personal loans. These loans may be obtained for meeting even the most basic needs as the state has 18.9 percent of its households dependent upon food stamps. This is highest share for any state in the entire country.
Personal loans can help people in sailing through rough times as these loans do not have any restriction on their use.
Personal Loans for Medical Expenses
Oregon has high level of unemployment rate. 5.7 percent of its population is unemployed, which also means that they do not have the security net of employer funded medical insurance. In such cases, medical expenses may cause big dent in a household’s budget. Such medical expenses are prohibitive even for employed people.
Personal loan disbursements may be used in such cases. Personal loans are especially useful for meeting unexpected medical expenses as these loans have short turnaround time, which ensures that you have required cash within a short period of time.
These qualities make personal loans a good choice for meeting medical expenses. Although, the borrower should seek proper terms and conditions, especially with regard to repayment tenure, for the loan with the lender.
Personal Loan for Financing Vehicle
As personal loans may be used for any purpose, without any restriction, some borrowers use the proceeds for financing the purchase of a vehicle. In most to the cases, such vehicles are used for productive purposes, making them a good investment.
Although auto loans provide better bang for buck for financing vehicle purchase, but in many cases, there is difference between the loan amount and the vehicle price. Such shortfall may be made good by opting for a personal loan.
Obtaining a personal loan for financing a vehicle purchase is relatively easy as vehicles are considered productive assets. However, the borrowers should be careful about the amount of personal loan used for this purpose. It is also important to keep in mind the interest rate charged to such loan.